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$ 5,300,000
Est. payment /mo
Active
2649 MARENGO ST Los Angeles, CA 90033
52 Beds
32 Baths
29,096 SqFt
UPDATED:
01/29/2025 01:30 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 29,096 sqft
Price per Sqft $182
MLS Listing ID 25487275
Bedrooms 52
HOA Y/N No
Year Built 1989
Lot Size 0.684 Acres
Property Description
Constructed in 1989, the property is not subject to Los Angeles rent control and features an outstanding unit mix, with 75% of the units holding two, three, or four bedrooms. Available for only $182 per square foot, the property features spacious floorplans that average approximately 1,200 square feet per apartment. The sprawling lot features ample parking, with approximately 46 covered and open parking spaces atop the concrete driveway. Each of the three apartment groupings contains its own on-site laundry room, helping to provide additional cash flow to the owner. Many of the unit interiors have been updated with wood laminate flooring, and select units feature recessed lighting, new kitchen countertops, walk-in closets, and upgraded bathrooms. Engineering plans have been drafted for six potential ADUs, which would be constructed within the existing covered parking areas (Buyer to verify). Implementing this ADU plan could add significant value to the asset, while simultaneously boosting annual income as the new ADUs could potentially generate more than$100,000 in annual revenue for the new investor. The property is conveniently located less than a half-mile from the LAC + USC Medical Center and the Keck School of Medicine campus, a major employer for the surrounding area. Tenants also enjoy convenient access to the 5, 10, 60, 101, and 710 Freeways, which are each within approximately two miles of the property. Downtown Los Angeles, Dodger Stadium, Crypto.com Arena, and L.A. Live are all within a 10-minute drive from the building, while tenants can easily travel to the trendy Arts District for its new dining and entertainment options.
Location
State CA
County Los Angeles
Area Boyh - Boyle Heights
Zoning LARD1.5
Interior
Fireplace No
Exterior
Parking Features Covered
Total Parking Spaces 46
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5177002054
Special Listing Condition Standard
Listed by Roderick 'Rick' Raymundo • Marcus & Millichap